The $TSX is really an interesting study these days. The defensive sector charts are outperforming and the commodity sector charts look terrible. I focus on the commodities but here is the bank sector. NICE!
All of the banks have broken out to 5 year highs. Due to the size of the banks and the dominance in the Canadian stock market, these major players have done a great job of holding the $TSX up while the commodity companies have been weak.
The high note: They are all breaking out to 5 year highs in 2013.
Good Trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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